Government shutdown. Can congress get anything done . I will ask indiana senator mike braun. Johnson johnson is the latest vaccine to enter phase three. What it means for your portfolio. All that and so much more on making money. Charles well the market gave up early gains pretty quickly as the rally attempts continue to fade and wouldbe buyers continue to hold back. The pendulum from investors asking more questions, waiting for more answers before they buy. That means the bias remains to the downside. This includes stimulus from the Federal Reserve or congress, the future of lockdowns, those political shenanigans in our nations capitol and market valuations. The atlanta fed handicapping the third quarter, saying gdp at 32 . Lets ask our panel how this will shake out. Kaltbaum Capital Management president Fox News Contributor gary kaltbaum, katheryne rooney vera and Ladenberg Thalmann manager phil blancato. Gary, start with you first. The bias is to the downside, what turns this around . Time and price. We had our way in the markets for quite a while. You know fox business alert, markets do correct every now and then usually there can be 10 to 15 range, maybe more sometimes. I think that is all youre seeing right now. The good news there are areas and pockets of strength in software and stay at home and things like that. My biggest worries remain the same though. Financials, just acting like they did in 2007. Im not saying the same thing is going to happen but theyre acting terribly and Energy Stocks are heading back towards the lows of march now. Im wondering what that means for demand. I know well have a 30 quarter but that is off the big lows. Those things have me worried. Again, just a correction mode right here. Not much to do about it. You be a little bit more patient, eventually it will turn hopefully. Charles right. Phil, markets go up, markets pull back, corrections and pullbacks are are part of it. Were in the midst of it right now. We start to handicap, what exactly is the market telling us . What do you think is the most important thing we need to see right now . First of all history is your guide, september is the first month of the year. You expect this. This is normal. Market is saying things are not inexpensive in the equity market. There are headwinds, election, lack of therapeutic yet this is what the viewers should want. To garys point all summer we have a nice rally. You get opportunity to rotate into names you want to buy. Look at apple, its a little cheaper. Not today, maybe six months from now, therapeutic vaccine, economy is fully open, im in the camp were out of the recession already expand more into the new year. This is a good thing, not a bad thing, rotate into the names you like, look for opportunity september brings to you. Charles last monday and tuesday the market came out of the gate with gusto. Then it came out of the gate with even more gusto last wednesday. Kathryn, it all fell apart. I think a lot had to do with jay powell. He was not clear on the course of action. He is leaving investors to worry about future accommodation. I know the fed says they will be there, this has been a few now fomc meetings where the inability of jay powell to truly articulate what theyre going to do next in my mind sparked some selling . Well, charles, gary and phil are such tremendous contributors. Im so happy they didnt steal my answer, we dont have the physical stimuli. That has taken us up to record highs. If there is any doubt, there currently is in the markets right now, a third fiscal stimulus package doesnt come to fruition very short term, people get upset about that the market have the taper tantrum. We saw the Federal Reserve tapering asset purchases. The market reacting negatively. The market is used to government management of the economy, charles. So i think once we get more clear, more clarity with regard to fiscal stimulus, i think it will come after the election. Doesnt matter who wins. Somebody will want to keep the party going. So, yes, were going to get more fiscal stimulus. It is going to be in the trillions. We already have 10 trillion in the system, but hey, lets do more. Yes, the fed is going to back up the markets. On your show ive been saying this ad nauseum. The way it worked for the past 10 years. In the absence of inflation, charles, and in the absence of any replacement to the u. S. Dollars dominance on a global level there is no reason to change course. So bank on it. Charles all right. So we know that markets go up, they pull back. We had one of the best augusts i think in 30 years. Phil youre talking about this being somewhat normal. Where on the downside . The audience is watching. Theyre taking notes. Theyre ready to buy the weakness. Where on the downside should people reasonably see some support, if it doesnt hold, how dangerous would that be . I would be, you see im a fan before of good brush fire in the market exactly what we want. We have a bit of one right now. Another 5 on the downside s p is where you want to look for your opportunity. Set your mindset. What is the name i wanted . What is the price i wanted regardless of Broader Market . When it hits it go get it. Dont forget the consumer drives us. A couple things are critical. Youre about to go into halloween, the second biggest Holiday Spending of the year. After that comes the holiday season. Yes while we would like to see more stimulus, retail sales are positive every single month since may. Im not in the camp we get another broadbased selloff. You get past the election, the market moments up, you got a chance to participate do now, not in october or november. Charles to that point, gary, consumer has been pretty strong. Nike had the blowout numbers last night. Under armour up pretty good today, chipotle, hanesbrands, carmax, car vanna up yesterday 30 . Guest stores, tapestry. There are pockets but since the 600 bucks ran out even that is starting be questionable right now. There are still 7 or 8 Million People unemployed. I will tell you there are a ton of Small Businesses that are not coming back. That has to be addressed. Im not a Big Government guy, i am big believer there are moments in time where the government has to act. Kathryn really harshed my buzz to think every time the fed makes the move it is only reason markets go up really scares the willies out of me. That is something to watch closely. If we ever get tote point where they announce big money printing markets go down, they were it is trouble. Agree. One thing i have to address is the election. Nobody is talking loud enough about bidens tax policy. If he gets the senate, wins the white house, i must tell you his tax policy makes obamas tax policy look like reagans. It is that bad to where selfemployed people in hightaxed states are paying in the 60s. Anything above 400. Then if you want to write off business expenses, you only get to write off 28 . Not enough talk about this. It is an absolute economic nightmare. Dont think for a second there is not a component of that in the market right now as we head closer towards the election. Something im watching real closely. Charles we got a minute to go. Kathryn, i want to give you the last word. I heard you trying to get in there a little bit . No. I think gary is right. Lets face facts the past decade the s p has moved one to unwith in line with a direct relationship with the Federal Reserve balance sheet. So look, i think elections will bring volatility. I think we can even make money off of that. Say we get a blue sweep. The market could sell off 5 . I doubt it does more. We want to be positioned, i heard phil say this before, the barbell strategy. You want to be buying today the s p and buying gold as well. You want to be buying tips. You want to be buying treasurys. You want the protected position where youre long the markets on drawdowns and youre protected with assets that benefit when times get tough. I agree with gary on this point. I think that you know, the things come to the fore when the market internalizes the fact that the Federal Reserve does not create economic growth. So once we get this exponential growth in liquidity and we dont get economic growth, and market says, oh, shoot we have so much liquidity, we dont see benefit of it, market has fallen, we come to the realization what led us to this point has to be sustained by fundamentals. With all due respect i dont know that the market will have that kind of epiphany. The market says we want the Federal Reserve to act today and the Federal Reserve says we Want Congress to act today. The markets are not panicking but drifting. Amazing points from all of you. Gary, kathryn, phil. Thank you very much. White house budget direct russ vogt about the antiamerica, radical agenda. The public is paying respects to Justice Ruth Bader ginsburg at the Supreme Court as the battle to fill the empty seat continues to divide congress. Indiana senator mike braun will give us the his take and a lot more after the break Climate Change is the fight of our generation. The biggest obstacle right now is that were running out of time. Amazon now has a goal to be net zero carbon by 2040. We dont really know exactly how we are going to get there. Its going to be pretty hard. But one way or another were going to reduce our Carbon Footprint to net zero. I want my son to know that i tried my hardest to make things better for his generation. Here . I want my son to know that i tried my hardest nah. Here . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. If i could, baby id how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Charles the house passing a stopgap measure to keep the government open until december while it is not stimulus, the measure gives 30 billion in aid to farmers, another 8 billion to a program to help feed kids who otherwise rely on free school lunch. Lunch at school, rather. This maybe could clear the way of obstacles to get a stimulus done. Joining us, republican indiana senator, member of agriculture and budget committees, senator mike braun. Senator, before a vote in your committee, has the cbo coming here in a few minutes, i want to get your concerns. Okay, weve got this. There was already haggling over this. Every one is saying we need more fiscal stimulus. Now the Federal Reserve pushing hard. Are things going to get easier in this Election Year . Is it even possible to get some of these things done . I think charles the chance of anything getting done preelection does not look good to me. When you have, what were dealing with on the appointment schedule, the Supreme Court justice, i think that will be top priority. Got the scheduled break that is in place. So i have mean it could happen. What im hearing on the economic front is a different story, maybe from every state. A lot of it dependent how strong your economy was going into it. Probably as good as it has been for any state. I think the big differentiator would be state and local governments and i know that is part of the heroes act, part of what pelosi is wanting on the other side. That gets to be a difficult conversation because even in these great Economic Times precovid many places were still having trouble balancing their budgets. So indiana was not like that. Thats why i think weve got a very vshaped recovery and most of what ive been hearing from Business Owners would be trouble getting people back during that stretch when the unemployment was out there. You know i this incentivizing some not to come back. Different story every state. Charles yeah. You know, someone who watch this is very closely my great fear is that were going to fall off an economic cliff before Congress Getting its act together. You know, just remember with 30 Million People getting some form of unemployment benefits, some pockets of the economy states are doing well but it is just too dangerous for the entire country not to get one more jolt. I want to get back to your comments with respect the Supreme Court. You think President Trump should nominate Amy Coney Barrett to the Supreme Court. What put the her at the top of your list . Number one, she is from indiana. That is important. We know her. I watched her probably more closely. I never met her, when i look at her record, she is a constitutionalist. I dont think there is any fear of legislating from the bench. And i think the big risk for many, what do they do once they get there . Everything i can see about amy is she will not waiver from the consistency of what we know about her as an appellate judge. So to me that is a big issue pause ive been disappointed somewhat where that has occurred on recent appointments including Supreme CourtJustice Roberts in certain cases. So i think that she gives me confidence that she will stick with the process that we know her for and be consistent with the rulings she has done at the appellate level. Charles i want to ask you about our relationship with china. Both President Trump and xi at the u. N. Xi calling for the world to come together with democracy. President trump bashing china for its role in covid19. Away from all of this, were seeing Soybean Prices go through the roof. You always stand up for the farmers in your state and the farmers in the midwest. What do you think . It seems like china is buying, starting to live up to their commitment and how important is it since were talking about the economy . Well the thing i worry about with china is will they be fair weather friend . Will they be there through thick and thin and i think whenever they do come in probably because of a reason that is not consistent with that stability you would want to see in a good, longterm relationship. And i think their behavior leading up over the last five to seven years in terms of how they have reneged on some stuff, i would take the bounty, while it is occurring and be careful that you dont build it into your longterm plan until midterm and long term behavior starts to dovetail with their performance. Charles i got you. Senator, thank you very much. Appreciate your time as always. Thank you. You bet. Charles Johnson Johnson shares, theyre ticking higher as it advances in the race for the covid19 vaccine. Well give you the very latest coming up. Also how is that news fueling the reopening stocks . Remember them . Should you consider buying any of them. We have details for you right after stomize your car the break before and during treatment, your doctor should check for infections, like tb and do blood tests. Tell your doctor if youve had hepatitis b or c, have flulike symptoms, or are prone to infections. Serious, sometimes fatal infections, cancers including lymphoma, and blood clots have happened. Taking a higher than recommended dose of xeljanz for ra may increase risk of death. Tears in the stomach or intestines and serious allergic reactions have happened. Dont let another morning go by without asking your doctor about the pill first prescribed for ra more than seven years ago. Xeljanz. Charles some break news to bring you now out of california. Its a case of i told you so. Governor newsom announcing a ban on sale of new gas powered vehicles starting in 2035. He says all passenger cars sold in that state must have zero emissions vehicles by 2035. People can still own gas vehicles and buy used ones but not new ones. His proclamation is only for new vehicles, 2035. I have a feeling california wont be the last. Another American Company stepping up into phase three trials on the coronavirus vaccine. Cheryl casone is live now with the details. Cheryl . Reporter thats right, charles. New jersey based Johnson Johnson is starting a 60,000 person Clinical Trial after single dose vaccine. The trial will expand three continents. The Company Hopes to have results by early 2021 with emergency government approval, that final step obviously to fight the pandemic. The study is expected to cost 480 million. It is partly being funded by the National Institutes of health and the department of health and human services. J j is the Fourth Company or pairing of companies in face three trials of coronavirus vaccine. There is the stock up more than half a percent. Other Companies Already in phase three include moderna which started phase three in 26,000 in july. Theyre hoping to get a few more. Pfizer started a phase three trial in july. 32,000 enrolledded so far. They want to get that up to 40,000. Astrazeneca started a 30,000 person trial last month but on hold over a single safety matter. J J Astrazeneca of course are higher. The timing of all of this is the biggest question for everyone, right . The mode derna and Pfizer Vaccine studies could wrap up in october. Remember in phase three of studies, some subjects get the vaccine, others get a placebo. J j signed a billion dollar contract with the federal government to supply 100 million doses for the United States. High pressure, highstakes game here, charles. You always know, r d, we covered these companies for years is the biggest expense these companies have. At least the federal government is kicking in to help them advance the cause of getting a vaccine. Charles right and speed up the results. Cheryl, thank you very much. Appreciate it. Folks as we edge closer and closer to an approved vaccine how should you be positioned for this . I want to bring in lpl chief Market Strategist ryan detreich. Ryan, there seems to be sort of seesawing influence on the stock market from vaccine hopes to lockdown fears and the latter for some reason really has overtaken hopes for a vaccine. How do you see this playing out . Yeah, charles. Thanks for having me back. I was on three weeks ago. We said the market was stretched. Be leery of september and october of an Election Year. Sure enough pulling back. We have find out why, the nasdaq 100 was 30 above its 200day moving average. That is historically overbought. After a five month win streak some normal seasonal weakness makes sense. Yes, we have the back and forth, what is the economy going to do. Majority of Economic Data were seeing sure looks like it will continue to improve. If you have a Strong Economy that should justify this pullback. Bond market, 10year yields going nowhere. Credit spreads hanging in there the bond market freaked out in february is not looking at that time. It looks like a nice buying opportunity in our view on top of correction in equities. Charles they wont break out. It is in a range. It is not collapsing. Youre right, were not talking about inversion or anything like that but it also doesnt sort of give us the allclear sign either, does it . No, it doesnt. You think if the economy was truly improving, massively Getting Better the 10year yield would be up 1 , even though that doesnt sound that high it would be. Look at copper. Copper has done very well recently. More probably linked to china. Still dr. Copper, so goes copper so goes the global economy. We think 10year yield will play catchup and catch up with the higher trend weve seen in copper here. Charles right. Let me ask you about the dollar because the dollar has gotten stronger. Coincidentally or not as the market has gotten weaker. Listen, on one hand we want a weak dollar for our multinationals which are heavily weighted throughout all the major indices. President trump made no secret he likes to see a competitive dollar but you also put out some intriguing work that says maybe at least for the next three months President Trump should want a strong dollar. Why . Well, thats right. When you, actually he want as weak dollar, if you look at it. Historically what happens with a weakish dollar, incumbent party tends to win. When you have strong dollar, in 2016 and 2018 Incoming Party lost. March, stocks got killed, bonds got killed, gold got killed. What did well . Dollar got stronger when trouble happens. Maybe theyre seeing a change in the guard in the white house and stronger dollar is not what President Trump wants to see if he gets reelected. If you want biden to win, stronger doll dollar could give the market a clue. Charles last time you were here, raised a red flag september in Election Years, after september, what normally happens with the calendar and stock market, should folks watching the show ride down this nearterm weakness. Woe think so. After 60 rally in in the s p ad even more in the nasdaq things go up and down. October is weakest month of the year in a Election Year. We might not be out of the woods. Historically, once the election shut off the way, get the uncertainty removed, earnings are really increasing, maybe 25 Earnings Growth on the s p, way more on small caps which are more domestic by nature. That is again maybe an opportunity to buy this dip and continuation of a bull market as we head into 2021. Charles i appreciate it. I concur. Thank you very much, ryan. Great work always. You put out some great stuff, your firm. Msnbc while folks, white house budget director russ vogt is next to explain why he is calling President Trumps latest executive order, an important step to stop training that pushes an antiradical antiamerican agenda. With six days into the first president ial debate new polls are showing President Trump is gaining momentum in two key states. Is that momentum going to help . Our Political Panel weighs in next. I felt like. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. Hello, im michael youssef. Lately, we are hearing so many conflicting voices and i dont blame you if you are anxious and worried and troubled. But if i told you that theres only one voice that you can absolutely trust. After all, he wants nothing from you and wants to give you everything. Im talking about the lord jesus christ, who said, come unto me, all who are carrying heavy burdens and worry and anxiety. And i will give you rest. Hes the only one who can give you true rest and peace. Will you come to him . [female voice] are you waiting to find a trustworthy voice in the midst of the chaos of this world . Visit findingtruepeace. Com to find a voice that will never let you down. Again, thats findingtruepeace. Com. Charles President Trump signed an executive order extending the ban on Critical Race Theory training to federal contractors. The president tweeted in part, i banned the efforts to indoctrinate Government Employees with harmful sex and race based ideologies. Americans should be taught to take pride in your great country, and if you dont there is nothing in it for you. Director of the office of management and budget, russ vogt. You say these training sessions where people are told they inherently race or unamerican. Give us examples of where people are not aware of crt and what is going on. This did a theory that emanates from leftwing universities across the country that suggests our institutions in this country are fundamentally racist and need to be brought down and it reflects itself in two primary thoughts. One the country itself, the founding was flawed. This country is racist to its core. Number two, that all white people are fundamentally racist. That is just itself discrimination on the basis of race. And so unfortunately weve seen from the Prior Administration who in an effort to push forward Diversity Inclusion training, the exporting to nonprofits that teach this kind of training and we see it federal agencies across the federal government. This president said cease and desists. Well no longer use taxpayer resources to funding is fundamentally adverse to the american founding an principles by which this country was founded. All people are created equal under the law. Yesterday the president went further and said it will also apply to federal contractors, federal grants, the United States military. He insured that all training materials will be reviewed by the office of personnel and management and office of management and budget to really make sure systematically this is removed from our federal government. Charles right. So, russ, President Trump calls it a maligned ideology and from the fringes and it moved into the center. How do you, how do you account for that happening . You know, what white house is saying this is a maligned ideology. It is totally counter the spirit of america or the history of america but how come it has erupted to the degree that it has where now it feels like in many places it is the prevailing thought what america is all about . Sure. This is not necessarily a new philosophy. This is the impact of it being taught over many, many years, eight years of president obama and unfortunately gone undetected until recently in which we were able to begin to root it out of the federal government. I think what youre seeing and what you have seen quite frankly over the tv and in cities and towns across the country as cities are looted and put on fire and significant violence, that comes from a philosophy that says if our institutions are flawed, they must be torn down. Obviously we believe Something Different than that. Charles ive got less than a minute but i do want to ask, should there be an effort to get more information about parts of americas history, that includes safery and jim crow, things like that . If a company backs Something Like that, would they be eligible for federal funding . Not saying that america is an evil racist country but bad things have happened as we have evolved . Its a great question, charles. This is not the end of diversity training this is not an effort to eliminate the teaching of history of everything weve seen in this country as we work to live up to the ideals in which this country was founded on this is a specific effort to go after a specific leftist theory we think is unamerican. Charles russ vogt, thank you very much. Always appreciate it. Thank you. Thank you. Charles for more on this executive order im joined now by Fox News Contributor deneen borelli, Global Situation room johanna moska. Crt, Critical Race Theory, did it go too far in your mind . You know i dont know specifically what theyre targeting but i will say that i think about Frederick Douglass and what he said was, he is the lover of his country who rebukes and does not excuse its sins. If i could go back in time and give Frederick Douglass a very small government contract to explain to all of the Government Employees who are serving this diverse population his point of view, i would do that. And so i am very curious what specifically theyre targeting because they keep talking about this Critical Race Theory or victimization and i dont know specifically which diversity training theyre talking about but i think this is a really important topic and we cannot gloss over americas sins. Charles deneen . Charles, i think President Trump made the right call with this executive order. This is pure garbage, charles. This is marxist propaganda designed to divide our country. Period. And no way should our tax dollars be used for this nonsense. So thank goodness President Trump, a, knew about this and did something about it because its wrong on so many levels. It is pure garbage. Charles i want to turn to the election now. There is a brand new abc Washington Post poll. It shows President Trump gaining momentum in florida and arizona, two critical swing states. In fact trump leading biden 5147 amongst likely voters in arizona. He is up 4948. Up in both states. Here is the thing deneen. Im not big on the absolute number, but i think momentum really speaks to something going on. I think everyone feels it. Do you sense that President Trump has the most wind in his sails . Absolutely. With florida, for example, you have a big hispanic population and joe biden is not doing well with hispanic voters. But the momentum, enthusiasm and the excitement from the president and also from his base, charles, this campaign has an amazing ground game. They reached over 100 million voters by knocking on doors and making phone calls. Over two million volunteers. Joe biden doesnt have a ground game. Joe biden doesnt talk to the media. He doesnt do public events. He acts like he should get the election because he is joe biden. He should just be president just because it is his turn. That is his thinking. Charles johanna, i mean biden has stepped it up. Listen, there was a sense to deneens point that he really was going to try to coast. I remember, he wasnt scheduled to do anything until after labor day. You can see his campaign is scrambling. Are they concerned now that feels like the tide is shifting . I dont actually think the campaign is scrambling. In my conversations with them they have actually been very targeted during a pandemic to get people via phone instead of knocking on their door. I think actually youre seeing already that voters appreciate that. In terms of the polls, we always said in iowa and beyond, in the obamabiden campaign, polls dont vote, right . With florida and arizona i do think that there has been targeted disinformation campaigns going to specifically immigrant populations from venezuela and cuba about joe biden saying that he is a socialist. He is not and in fact the tendencies were seeing of this president , more mimic the dictator tern den sys that ive seen out of hugo chavez. Wow. Charles let me stick to that enthusiasm thing. I will let you speak to that, deneen, we have less than two minutes. Just this enthusiasm thing. You kind of alluded to it. Johanna said well go on the phones, perhaps it is irresponsible to knock on doors. But lets face it, when you see these crowds that President Trump, i mean 6, 7, 8,000 people. Media focuses on who you many people have masks. To me that is is ends ever enthusiasm, johanna . Oh it is enthusiasm. It absolutely enthusiasm. Polls over the nation, again they dont vote but majority of people are actually concerned about the direction of the country we have more than 200,000 people died and Small Businesses going out of business. Charles you like the polls when they are good for you. You dont like them when theyre not. Saying deneen, forget about polls. They wont vote. Charles crowds Say Something that political experts, these crowds are people are going to vote. If you go to a rally with 7,000 people, you dont wear a mask, youre there to root on person you like you are going to vote. I let you address that, also the dictator comment. You have one minute, please. The dictator comment is absolutely ridiculous. I will spend the rest of my time talking about how excited the base is. People waiting online for hours to see and hear from this president. He has been all over the country, charles. The momentum and excitement you just cannot deny it. So the left, democrats can say whatever they want. Joe biden has been hiding forever and i cant see how he can overcome the excitement and enthusiasm that were seeing from President Trump. Charles it is a, it is one heck of a race. We have 40 days to go. Ladies, thank you very both very much appreciate it. Thanks, charles. Charles remote learn something fully underway, for many there is no end in sight. What kind of economic damage here when kids cant go to school, especially for mothers . Trump administration challenging the private sector to up the employee training and education to help keep american competitiveness alive. Apple, walmart, many others are saying they will help. Well talk about that when we come back. i need it so bad dont call it a hobby. Its way more than just a job. This is how we live every single day. Can we go and play . roaring of engines i needed to try needed to fall i needed your love im burning away i need never get old im burning away lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Charles first daughter ivanka trump hosting the seventh meeting of america work fores policy advisory board. It has pretty big names. Including ceos of apple, talking tim cook, walmarts doug mcmillan, mark benioff from salesforce. Com. Trump is inaugural pledge to American Workers to those companies to advance americans with skills necessary to quote, remain the best nation in the world. Joining me now, iwf senior policy analyst kelsey bolar. Kelsey, we talk about this a lot, the need to train up americans, not to get a degree, not to be saddled with a couple hundred grand in debt but a little more than what theyre learning in high school so we remain competitive this is one thing i will tell you, ivanka trump is pushing it so hard. It is good to see a lot of major corporations are now helping. Charles, i will tell you the Trump Administration does not get the credit they decipher for forwarding this effort to give americans and all alternative to expensive, politicized four yearcollege degrees. It incentivizes companies, private companies to invest their own money in the american workforce. To give them training and Education Opportunities that arent so expensive and will train them for the jobs that exist and our going to exist in our future, that we know, a four Year College Degree in womens studies is not going to prepare them for. So the Trump Administration deserves a lot more credit for this. It is having a huge impact on the economy already and will for years to come. Charles you know what i find interesting, i think it was the ceo of ibm who came up with it, ginni rometty, not bluecollar, whitecollar, but quote, urn quote, new collar jobs. People have to realize mark benioff is one of the biggest progressives out there. He owns time magazine. He is a darling of silicon valley. He doesnt see eyetoeye on President Trump on anything else. For him to be there, for tim cook to be there, to your point we want to do this we think this is important. This is really amazing. We dont see this sort of bipartisanship anywhere in d. C. At least were guesting it at a Public Private level. Axe absolutely and you know, its nervewracking to even talk about it publicly because we know the mobs put so much pressure on private companies to not work with the Trump Administration on anything. But the fact of the matter is, this effort is helping americans no matter their political perspectives. It is getting them the skills and training they need to contribute postively to the workforce. Charles right. A lot of really cool and emerging technology sectors. Charles kelsey, i want to ask you real quick because were talking lockdowns again around a lot of places and apparently according to the Federal Reserve without a doubt it will hurt working moms the hardest. Probably not a surprise to you for sure but you know, we talk about about the political aspects of this, what do you make of it . Not allowing kid to go back to school and devastating consequences, specifically it is going to have on women . I dont want to downplay the impact that covid19 has had on working moms. We are being asked to be parents, to be teachers and to be fulltime employees at the same time. But i would caution anybody reading into these statistics to automatically assume that every drop in female Labor Participation rates is bad. And that is because covid19 has forced a lot of us to sort of reconsider our priorities and for some women, that does mean spending more time at home with their children. Charles which is a blessing. Kelsey, thank you very much, folks. Well be right back. These days, businesses are adapting to new ways of working. And innovation is at the heart of it. Verizon 5g ultra wideband is the fastest 5g in the world, with speeds up to 25 times todays 4g networks. Its massive capacity and ultralow lag time is already available in parts of select cities around the country. Which means businesses both large and small can innovate like never before. Charles the proverbial snowball becoming a boulder. Weve got an hour left in trading. I will tell you, this always intriguing movement thats not caused with the averages in tech, microsoft and apple continue to drift lower, but semiconductors have been strong all day. Here to help us go below the surface, david nicholas. David, i just want to ask your thoughts on this market, you know . I havent sensed panic, but theres no doubt that buyers have backed away. Yeah, you know, its september, were going into october. I really think some of this is just the malaise of the elections ahead of us. I think this should be expected for the end of september. I dont think the worst is behind us, i think we could still see another 5 selloff for the s p 500. Youve got to watch the nasdaq, its trading at 10 level on the downside, so i still think the worst is not behind us, unfortunately, for the markets. Charles you know, its interesting because this market all year long has been a stock pickers market. I know its a cliche. But the fact is almost most publiclytraded stocks have been down all year long, even when we were at record highs. I i think thats going to be the days, but it feels like maybe there are some new winners starting to emerge. I talked about the semis, software, some of these retailers. Do you see anything like that on your radar . Yeah, weve been looking for the rowation, and i thought we started to see it a little bit. I think theres this tugofwar going on between the stay at home plays and some of the recovery plays as well. Im not fully convinced which way this market is headed, but i think you cant go wrong in some of the names that have quality balance sheets, some of the names that weve seen increase on strength and earnings, but i still think the at home play is still i alive nor 2020, im not quire sure the rotation i plays is of yet. Charles you like coke, ups, disney, you like the home builders. Kvh had a blow outnumber, so youre still more on a conservative side though even as some of these bugger names bigger names look like theyre getting pretty cheap . I do. This has been a year of quick returns, and i think for right now, even a company like coke, i think its a time when valuations in technicals really line up nicely. If you watch the breakout that happened in august, traded below 49 a share i think its a good stock, quality earning, 3 dividend, not a bad stock to look at. Charles plus, theyve been around for over a hundred years. Theyll be okay. David, thank you very much. Folks, as we drift towards the lows of the day, i want to hand it over to my colleague, liz claman. You know, its tough, i dont see any buyers stepping up into this thing right now, liz are. Liz i dont either. But do you see a reason . Thats what were kind of hunting for. Could it be powell saying, look, weve done everything we have done at the Federal Reserve. Were searching too here. What do you think . Charles that randy quarrels piece that came out echoed almost everything the fed has been saying, but there was a line in there and it came out exactly at 2 00 when the snowball became a boulder that seemed to be saying loud and clear that the economy is going to fall apart if the federal government does not act. Theyve been whispering it, now it feels like the Federal Reserve is yelling it. The market hears ultimate, im not sure d. C